§ 100115 Higher Education Bond Funds

This law says that $975 million from the bonds sold under this chapter must be put into a new fund called the 1996 Higher Education Capital Outlay Bond Fund.

Key Takeaways

•Exactly $975 million from bond sales goes into a special education fund.
•The fund is called the 1996 Higher Education Capital Outlay Bond Fund.
•The money can only be used for higher‑education building and equipment projects.

Example

A state sells bonds and gets a lot of money. Out of that money, $975 million has to go straight into the education fund.

So if the state raises $1 billion from the bonds, $975 million is locked into the education fund and can only be used for building schools or buying equipment.

How to Calculate

Deposit Amount = $975,000,000

Look at the law – it tells you the exact dollar amount that must be deposited.
Take that amount ($975,000,000) and move it into the 1996 Higher Education Capital Outlay Bond Fund.
The money is now set aside for higher‑education capital projects.

The state sells $1,200,000,000 worth of bonds.

Result: The state must deposit $975,000,000 into the education fund; the remaining $225,000,000 can be used for other purposes.

Nine hundred seventy-five million dollars ($975,000,000) of the proceeds of bonds issued and sold pursuant to this chapter shall be deposited in the 1996 Higher Education Capital Outlay Bond Fund, which is hereby created. (Amended by Stats. 2013, Ch. 28, Sec. 3. (SB 71) Effective June 27, 2013. Note: This section was added by Stats. 1996, Ch. 1, and approved in Prop. 203 on March 26, 1996.)

This law says that $975 million from the bonds sold under this chapter must be put into a new fund called the 1996 Higher Education Capital Outlay Bond Fund.

Key Takeaways

•Exactly $975 million from bond sales goes into a special education fund.
•The fund is called the 1996 Higher Education Capital Outlay Bond Fund.
•The money can only be used for higher‑education building and equipment projects.

Example

A state sells bonds and gets a lot of money. Out of that money, $975 million has to go straight into the education fund.

So if the state raises $1 billion from the bonds, $975 million is locked into the education fund and can only be used for building schools or buying equipment.

How to Calculate

Deposit Amount = $975,000,000

Look at the law – it tells you the exact dollar amount that must be deposited.
Take that amount ($975,000,000) and move it into the 1996 Higher Education Capital Outlay Bond Fund.
The money is now set aside for higher‑education capital projects.

The state sells $1,200,000,000 worth of bonds.

Result: The state must deposit $975,000,000 into the education fund; the remaining $225,000,000 can be used for other purposes.

Key Takeaways

Example

How to Calculate

Key Terms

References

§ 100115 Higher Education Bond Funds

Key Takeaways

Example

How to Calculate

Key Terms

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References